Canada’s Currency Strengthens on Good Fundamentals
The Canadian dollar rose today on the good fundamentals in Canada and the US, the nation’s largest trading partner, and as the prices for crude oil, the biggest Canadian export, pared losses.Canada’s leading index rose 0.3 percent in November, the same as in October. The seasonally adjusted US Producer Price Index rose 0.8 percent in November. This increase followed the 0.4 percent advance in both October and September. The retail sales in the US posted the increase by 0.8 percent in November from the previous month, while the economists predicted the growth by 0.6 percent. January delivery for crude oil rose $0.08 to $88.69 per barrel as of 12:57 on NYMEX.
Mark Carney, the Governor of the Bank of Canada, spoke yesterday about the positive responses of the fundamentals to the stimulus measures, including rising output, increasing household demand and growing inflation rate. Carney said, on the other hand, that the global economic crisis “is not over, but has merely entered a new phase”.
USD/CAD fell from 1.0075 to 1.0068 as of 20:26 GMT today. EUR/CAD dropped from 1.3488 to 1.3460, following the advance to 1.3575.
If you want to comment on the Canadian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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